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UPDATE: Clark County sells bonds for Raiders stadium in Las Vegas

Posted: 3:52 PM, Apr 03, 2018
Updated: 2018-04-12 01:07:50Z

UPDATE APRIL 11: Clark County says it sold all of the bonds for the public portion of the stadium in just 90 minutes. 43 investors put up a little over $645 million.

The bonds will be repaid through the increased room tax that is expected to generate $750 million over the next 30 years.

ORIGINAL STORY

LAS VEGAS (AP) -- Officials in Clark County have approved the sale of bonds for the construction of the Raiders' stadium in Las Vegas. 

RELATED: Las Vegas Stadium Authority signs Raiders lease

Clark County commissioners voted 6-1 Tuesday in favor of the ordinance authorizing the sale of $750 million in general obligation revenue bonds.

The Raiders want to start 2020 season at the $1.8 billion, 65,000-seat stadium being built across the freeway from the Las Vegas Strip. The team has agreed to a 30-year lease.

Guests of hotels in the Las Vegas area are paying a room tax that over time will contribute $750 million for the project. The bonds allow for the financing of the public's share.

The NFL and the team, which has secured a bank loan, are covering the remainder of the project.